Stovall Station Townhomes

Stovall Station Townhomes presents investors with 30 units (120 beds) of best-in-class, new construction, student housing townhome product on the

edge of the North Carolina State University (NC State) campus. The asset’s prime location between Centennial and Main Campus provides a central

location for undergraduate and graduate students alike.

The property has been meticulously planned and constructed to achieve top of market rents with custom home style finishes, two car, side-by-side

garages, and large patio spaces at each unit. With all units finishing construction in 2025 or 2026, the asset will require little to no CapEx through the

life of the hold.

Locationally, the asset serves NC State which has seen tremendous growth in their student population reaching over 40,000 students for the first time

this year with plans to grow north of 42,000 students by 2030.

Student housing market dynamics for NC State remain attractive with occupancy north of 97% since 2022 largely driven by the limited student housing

options on and off campus leading to an unmet demand of over 10,000 beds. This bed deficit has also supported strong rent growth with CAGR of 4.2%

over the last 10 years.